The average churn rate — the number of customers that don’t renew a contract — for B2B companies is roughly 5%.
That may not sound like a high number, but for companies with high volume, or large contracts, it can represent a significant risk.
When you factor in the cost of acquiring a new customer to replace those that are lost (5x times more expensive than retaining existing customers), it becomes clear how important it is to retain and nurture your customers.
The good news is that finding ways to delight your customers isn’t as hard as you might think. Upselling and cross-selling opportunities are bountiful; you just have to know how to find them.
The 6sense Revenue AI™ platform is uniquely positioned to help you find these opportunities. Let’s explore how.
Intent Data is the Foundation for Finding Cross-Selling and Upselling Opportunities
Intent data is an umbrella term for the activities buyers perform throughout their buying journey.
Because most of those activities are hidden — roughly 70% of the buying journey happens anonymously — it’s critical to find a way to capture them.
6sense matches those activities to the accounts where they’re happening and does it at an industry-leading rate.
Intent data reveals:
- What customers are interested in
- How far in their buying journey they are
- Other departments and stakeholders within accounts showing interest, and
- The specific activities they are engaging in
Gaining access to this critical intelligence is the first step in finding cross-selling and upsell opportunities.
How Intent is Used for Account Expansion
Now that you understand what intent is and what it reveals, let’s look at how you can wield its power.
Find and Target New Departments and Territories
If you sell into larger accounts, there’s a good chance that one of the other departments within that company could use your products and services. But they might not even know there’s an existing relationship.
Intent data can surface the activity that’s happening at different locations and within different departments.
Example: You have an existing contract with the Los Angeles office, but using 6sense, you start seeing a lot of research about your products and solutions hailing from the Chicago office. You are now aware of the opportunity to start multi-threading and leveraging existing relationships in LA to move forward with Chicago.
Improve the Customer Experience
A customer’s needs will evolve over time — and that includes well after they’ve signed with your solution. Intent data highlights customers that might need extra attention, so you don’t lose their business.
Example: You track keywords related to your competition in 6sense and notice an account you thought was rock-solid has an uptick in activity surrounding those topics. That customer’s contract isn’t up for renewal for nine months, but now you know they could be a flight risk. It’s time to put a plan in place to show your value and keep them happy.
Create Campaigns Targeting Customers
6sense’s ability to dynamically segment your audience means you can build campaigns that are “always-on” and targeting your customers.
Example: You create a segment for customers that are showing risk signs for churning (searching competitors, onboarding new technology compatible with theirs, decreased engagement with your content). Using that segment, you create a campaign that serves them personalized ads and emails that speak directly to their interests, enticing them to remain engaged.
Conclusion
Intent data is the key to happier customers. With it you can be aware of ways to enhance your relationship, keep them happy in their current contracts, and discover new opportunities for cross-selling and upselling.
